Markets

Here's what happened to the stock market on Wednesday

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Scott Minerd: If we can't contain the coronavirus, it will impact US earnings, jobs

Dow Jones Industrial Average falls 123 points

The Dow fell 123.77 points, or 0.46%, to 26,957.59. The S&P 500 dipped 0.38% to close at 3,116.39. The Nasdaq Composite ended the day up 0.17% at 8,980.77. The major averages struggled to find direction as investors kept adding bonds to their portfolio amid coronavirus concerns.

10-year yield at fresh record low

The benchmark 10-year Treasury yield hit 1.3%, a fresh all-time low, as the bond market kept signaling slower economic growth with the number of coronavirus cases around the world increasing. Wednesday also marked the stock market's second failed attempt at a rally after a steep day of losses. Bottom line: Expect markets to remain volatile until investors get indications that the outbreak is ebbing.

Apple rebounds, Disney drops

Apple shares closed 1.59% higher, rebounding slightly from a steep decline on Tuesday. Disney, meanwhile, slid 3.77% after Bob Iger stepped down from his role as company CEO.

What happens next?

Weekly jobless claims, durable goods order and pending home sales data are due out on Thursday. Read more here.

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